Hess Supports UND Collaborative Energy Complex

10.25.2016

Hess Corporation participated in a dedication ceremony on Oct. 14 to commemorate the opening of the new Collaborative Energy Complex at the University of North Dakota College of Engineering in Grand Forks.

Hess in 2014 committed $5 million over five years to support the UND Collaborative Energy Complex, which forms a major engineering education and research facility on campus.

“Hess is a proud supporter of the UND College of Engineering,” said Steve McNally, Hess General Manager of North Dakota, in an address at the dedication ceremony. “This world-class facility will not only help meet the needs of Hess and the industry, it will also develop individuals with the education and skills needed to move the state into the next phase of oil and gas development.”

Funding for the complex was done almost entirely by private donations, showing the value of private-public sector partnerships. Hess’s support funded the new Innovation Lab, Drilling Simulator Lab, 3D Visualization and Reservoir Simulation Lab. Hess also supported a North Dakota Oil and Gas History Display to help educate students and the public on the history and benefits of the industry to the state. All of these areas and equipment create an environment for students to explore the future of oil and gas.

Hess Reports Estimated Results for the First Quarter of 2020

Hess Corporation (NYSE: HES) today reported a net loss of $2,433 million, or $8.00 per common share, in the first quarter of 2020, including impairment and other after-tax charges of $2,251 million resulting from the low price environment, compared with net income of $32 million, or $0.09 per common share, in the first quarter of 2019. On an adjusted basis, the Corporation reported a net loss of $182 million, or $0.60 per common share, in the first quarter of 2020.

Hess Corporation today announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion. The company also announced a new $1.0 billion three year term loan agreement. These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in oil prices.